IMV CORPORATION Summary of Consolidated Financial Results for the
Second Quarter of the Fiscal Year Ending September 30, 2022
(Six Months Ended March 31, 2022)
May 12, 2022 | |||
Company name: | IMV CORPORATION | [Japanese GAAP] | |
Listing: Tokyo Stock Exchange | |||
Stock code: | 7760 | URL: http://www.imv.co.jp/ | |
Representative: | Jumpei Kojima, President | ||
Contact: | Hiroji Okamoto, Managing Director, General Manager, | Tel: +81-6-6478-2565 | |
Management Planning Division | |||
Scheduled date of filing of Quarterly Report: | May 12, 2022 | ||
Scheduled date of payment of dividend: | - | ||
Preparation of supplementary materials for quarterly financial results: | None | ||
Holding of quarterly financial results meeting: | None |
(All amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the Second Quarter (October 1, 2021 - March 31, 2022) of the Fiscal Year Ending September 30, 2022
(1) Consolidated results of operations | (Percentages represent year-on-year changes) | |||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||
owners of parent | ||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |
Six months ended Mar. 31, 2022 | 5,976 | (5.7) | 491 | (45.3) | 702 | (37.6) | 577 | (27.7) |
Six months ended Mar. 31, 2021 | 6,340 | 1.0 | 898 | 83.2 | 1,125 | 126.3 | 799 | 143.1 |
Note: Comprehensive income (million yen) | Six months ended Mar. 31, 2022: | 473 | (down 40.3%) | |||
Six months ended Mar. 31, 2021: | 794 | (up 155.5%) | ||||
Net income per share | Diluted net income per share | |||||
Yen | Yen | |||||
Six months ended Mar. 31, 2022 | 35.46 | - | ||||
Six months ended Mar. 31, 2021 | 49.06 | - |
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | |||
As of Mar. 31, 2022 | Million yen | Million yen | % | ||
16,921 | 7,803 | 46.1 | |||
As of Sep. 30, 2021 | 17,121 | 7,529 | 43.9 | ||
Reference: Shareholders' equity (million yen) | As of Mar. 31, 2022: 7,803 | As of Sep. 30, 2021: 7,514 |
2. Dividends
Dividend per share | |||||||
1Q-end | 2Q-end | 3Q-end | Year-end | Total | |||
Yen | Yen | Yen | Yen | Yen | |||
Fiscal year ended Sep. 30, 2021 | - | 0.00 | - | 10.00 | 10.00 | ||
Fiscal year ending Sep. 30, 2022 | - | 0.00 | |||||
Fiscal year ending Sep. 30, 2022 (forecasts) | - | 10.00 | 10.00 |
Note: Revisions to the most recently announced dividend forecast: None
3. Consolidated Forecast for the Fiscal Year Ending September 30, 2022 (October 1, 2021 - September 30, 2022)
(Percentages represent year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Net income per | |||||
owners of parent | share | ||||||||
Full year | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen |
12,500 | 8.0 | 1,150 | 7.8 | 1,250 | (4.6) | 900 | (3.9) | 55.23 |
Note: Revisions to the most recently announced consolidated forecast: None
* Notes
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in change in scope of consolidation): None
Newly added: - | Excluded: - |
- Application of special accounting methods for presenting quarterly consolidated financial statements: None
- Changes in accounting policies and accounting-based estimates, and restatements
- Changes in accounting policies due to revisions in accounting standards, others: Yes
2) | Changes in accounting policies other than 1) above: | None |
3) | Changes in accounting-based estimates: | None |
4) | Restatements: | None |
- Number of shares issued (common shares)
- Number of shares issued (including treasury shares) at the end of the period
As of Mar. 31, 2022: | 16,957,016 shares | As of Sep. 30, 2021: | 16,957,016 shares |
2) Number of treasury shares at the end of the period | |||
As of Mar. 31, 2022: | 663,484 shares | As of Sep. 30, 2021: | 663,484 shares |
3) Average number of shares issued during the period | |||
Six months ended Mar. 31, 2022: | 16,293,532 shares | Six months ended Mar. 31, 2021: | 16,293,564 shares |
Note: The current quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms.
IMV CORPORATION (7760) Financial Results for the Second Quarter of FY9/22
Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance | 2 | |
(1) | Explanation of Results of Operations | 2 |
(2) | Explanation of Financial Position | 3 |
(3) | Our Efforts to Mitigate the Impact of COVID-19 | 4 |
(4) | Explanation of Consolidated Forecast and Other Forward-looking Statements | 4 |
2. Quarterly Consolidated Financial Statements and Notes | 5 | |
(1) | Quarterly Consolidated Balance Sheet | 5 |
(2) | Quarterly Consolidated Statements of Income and Comprehensive Income | 7 |
(3) | Quarterly Consolidated Statement of Cash Flows | 9 |
(4) | Notes to Quarterly Consolidated Financial Statements | 10 |
Going Concern Assumption | 10 | |
Significant Changes in Shareholders' Equity | 10 | |
3. Others | 11 | |
Production, Orders and Sales | 11 |
1
IMV CORPORATION (7760) Financial Results for the Second Quarter of FY9/22
1. Qualitative Information on Quarterly Consolidated Financial Performance
(1) Explanation of Results of Operations
Forward-looking statements contained herein are based on the Group's judgment as of March 31, 2022.
(1) Results of Operations
During the first half of the current fiscal year, the outlook for the global economy remained more uncertain than ever due to concerns about the spread of COVID-19 and the shortage of electronic components caused by delays in the supply of semiconductors, as well as soaring energy prices following Russia's invasion of Ukraine and the subsequent economic sanctions on Russia imposed by various governments in response. Meanwhile, amid the ongoing global trend toward decarbonization, we expect that the shift to electric vehicles will continue to accelerate going forward, which helps keep the capital investment environment robust in the market for electric vehicle components, batteries, and other related products.
Under such circumstances, the Group has announced its medium-term management plan, with the current fiscal year as its first year, based on the basic policy of "breaking away from the mere business of selling products" in accordance with its corporate philosophy, "Secure the Future - For the safety and security -." In order to achieve sustainable growth while responding to social changes, we are working on various measures to create new value through understanding the potential needs of customers. Under the plan, we aim to achieve net sales of 14.6 billion yen and operating profit of 1.5 billion yen in the fiscal year ending September 30, 2024, the final year of our medium-term management plan.
Results of operations for the first half of the current fiscal year are as follows:
Net sales decreased by 364 million yen year on year to 5,976 million yen due to sluggish growth in dynamic simulation systems and measuring systems. Earnings suffered from a lack of sales from high-margin projects that were recorded in the same period of the previous fiscal year and lower sales in the first half of the current fiscal year. Operating profit decreased by 406 million yen to 491 million yen, ordinary profit decreased by 422 million yen to 702 million yen and profit attributable to owners of parent decreased by 221 million yen to 577 million yen.
Business results by product category were as follows:
1) Dynamic Simulation Systems
In the overseas market, we enjoyed orders for large-scale projects for electric vehicles in China and Europe. In the service sector, sales increased year on year due to strong demand for amplifier renewals and overhaul services. In the domestic market, sales of energy-saving vibration simulation systems for the automotive industry remained strong, but overall sales declined year on year in reaction to large-scale projects for aerospace manufacturing and nuclear power plants that were recorded in the same period of the previous fiscal year.
As a result, category sales decreased by 252 million yen year on year to 4,359 million yen.
2) Test and Solution Services
In the domestic market, although sales were sluggish in the first half of the previous fiscal year because outsourced testing services were postponed due to restrictions on economic activity in the wake of the spread of COVID-19, the first half of the current fiscal year saw a recovery, mainly in the testing for electric vehicle components and batteries. In addition, sales from EMC testing and environmental testing at the e-Test Centre Japan (e-TCJ) also grew. However, as there was no development project of electric vehicles in the ASEAN market on a temporary basis, sales were lower than the same period of the previous fiscal year.
As a result, category sales increased by 66 million yen year on year to 1,177 million yen.
3) Measuring Systems
In the domestic market, sales declined year on year due to the completion of the renewal period of vibration monitoring systems for nuclear power plants, supply shortages of electronic components, and sluggish sales of
2
IMV CORPORATION (7760) Financial Results for the Second Quarter of FY9/22
vibration measurement systems for various plants. In the overseas market, sales of seismic monitoring systems for the Philippines, a mainstay product, were sluggish due to the impact of COVID-19, resulting in lower sales than in the same period of the previous fiscal year.
As a result, category sales decreased by 178 million yen year on year to 439 million yen.
- Explanation of Financial Position Assets
Total assets decreased by 200 million yen from the end of the previous fiscal year to 16,921 million yen at the end of the second quarter of the current fiscal year. Current assets decreased by 1 million yen to 11,271 million yen. This was attributable to a 304 million yen decrease in cash and deposits, despite a 145 million yen increase in trade receivables and a 150 million yen increase in inventories. Non-current assets decreased by 199 million yen to 5,649 million yen. This was mainly attributable to a 123 million yen decrease in investment securities.
Liabilities
Total liabilities decreased by 473 million yen from the end of the previous fiscal year to 9,117 million yen at the end of the second quarter of the current fiscal year. Current liabilities increased by 252 million yen to 7,660 million yen. This was mainly attributable to a 334 million yen increase in current portion of long-term loans payable. Non- current liabilities decreased by 726 million yen to 1,457 million yen. This was mainly attributable to a 715 million yen decrease in long-term borrowings.
Net assets
Net assets increased by 273 million yen from the end of the previous fiscal year to 7,803 million yen at the end of the second quarter of the current fiscal year. This was mainly attributable to a 417 million yen increase in retained earnings. As a result, the equity ratio increased 2.2 percentage points to 46.1%.
(3) Cash Flows
The balance of cash and cash equivalents as of March 31, 2022 decreased by 313 million yen from the end of the previous fiscal year to 3,339 million yen.
(Cash flows from operating activities)
Net cash provided by operating activities during the first half of the current fiscal year decreased by 563 million yen year on year to 164 million yen. This was mainly due to an increase in notes and accounts receivable - trade of 118 million yen and income taxes paid of 395 million yen.
(Cash flows from investing activities)
Net cash provided by investing activities during the first half of the current fiscal year increased by 101 million yen year on year to 52 million yen. This was mainly due to proceeds from sales of investment securities of 195 million yen and purchase of property, plant and equipment of 122 million yen.
(Cash flows from financing activities)
Net cash used in financing activities during the first half of the current fiscal year amounted to 570 million yen, compared with net cash used of 434 million yen in the same period of the previous fiscal year. This was primarily due to repayment of long-term loans payable of 383 million yen.
3
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
IMV Corporation published this content on 10 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2022 09:11:04 UTC.
